The data is in, and the results are surprising: the housing recession is over, and home sales are skyrocketing.
The Wall Street Journal reports that homes are selling so fast that the supply is dropping quickly. It could mean big bucks for homeowners who want to sell their homes at better prices.
These tips help sellers get the most for their efforts before the market cools again:
1. Get in the Game
The best way to take advantage of the seller’s market is to put a property on the block as soon as possible.
Realty Today reports that due to lagging production in the construction of new homes, plus increased home sales from economic growth, more people want to buy homes than available homes for sale.
Homeowners can expect more buyers ready to view a home and make offers than they could a year or two ago, and this standard may remain well into 2016.
2. Start a Bidding War
When homeowners consider the price they want to set for their homes, they should ask a realtor about the wisdom of creating a bidding war for prospective buyers.
Those who want to sell their homes quickly may decide to list the house at a reasonable but slightly elevated price.
Others could invest some dough into:
- thorough cleaning
- home improvements
- staging
And set the price below average to increase the number of interested buyers. The Wall Street Journal reports that a bidding war can increase the final sale price of a home as much as $100,000 above the asking price.
3. Set Limits on Buyers
Some homeowners prefer not to have hordes of buyers flocking to their doorstep.
In a seller’s market, they can limit the types of buyers from whom they will accept offers. For several reasons, sellers know buyers may back out on an offer after it has been accepted.
As a result, a seller may choose to limit these circumstances,
For example, homeowners could decide they won’t take offers from buyers who can only buy the home contingent on selling their current home.
4. Select the Best Realtor
In a buyer’s market, sellers often have to take the realtor they can get since realtors in that situation are so busy trying to sell the many homes they have available. Realtors will compete to get a seller’s business with a limited number of homes on the market.
This means that realtors are willing to make some concessions to sellers.
Realtors confident they can prompt a bidding war with a particular property may drop the commission percentage to get the seller’s business because they believe they can make up the money with a higher sale price.
At this point, it is unclear how long the seller’s market in the U.S. will last.
In the meantime, people who want to sell their homes can list them at a higher price, start a bidding war, and get realtors to compete for their business.